2018 HUD Median Income For Pennsylvania Counties

Did
you know that many Pennsylvania banks offer special financing for home
buyers whose income is at or below the median household income for the
respective Pennsylvania County?

It's true, if your household income is at or below the median income
limits below, you should call the banks in your area to see if you're
eligible for special financing. These loans are commonly called CRA
loans (Community Reinvestment Act). Many mortgage companies do not require
that you’re a first time home buyer.

The Federal National Mortgage Association (Fannie Mae) and the Federal
Home Loan Mortgage Corporation (Freddie Mac) both offer special financing
for low to moderate home buyers.

Fannie Mae’s program is called the My Community Mortgage® and Freddie
Mac offers the Home Possible mortgage®. These mortgage loans are designed
to make it easier for families to become homeowners.

Both programs have lower down payments, easier
debt to income ratios,
reduced monthly mortgage insurance, and
seller assist
options to make it easier to qualify for a home loan.

Freddie Mac and Fannie Mae do not lend directly to prospective home
buyers, but works with “approved banks and mortgage brokers”

The calculators and information contained herein are made available to
you as a self-help tool for illustrative use only. Examples are hypothetical.
We can not and do not guarantee the applicability or accuracy in regards
to your individual circumstances. I encourage you to seek personalized advice
from qualified professionals.